Peabody Energy Corporation (BTU)


PEABODY DEADLINE ALERT

Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Peabody To Contact Him Directly To Discuss Their Options

If you suffered losses exceeding $100,000 investing in Peabody stock or options between April 3, 2017 and October 28, 2019 and would like to discuss your legal rights, please fill out the form below. You can also call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

There is no cost or obligation to you.

Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Peabody Energy Corporation (“Peabody” or the “Company”) (NYSE:BTU) and reminds investors of the November 27, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. 

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the following adverse facts pertaining to the safety practices at the Company’s North Goonyella mine, which were known to or recklessly disregarded by Defendants: (1) the Company had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event; (2) the Company failed to follow its own safety procedures; and (3) as a result, the North Goonyella mine was at a heightened risk of shutdown.

The truth about the feasibility of Peabody’s plan to restart operations at North Goonyella was revealed through a series of disclosures. First, on February 6, 2019, Peabody revealed that, contrary to previous statements, production at the North Goonyella mine would not resume in 2019, but was instead now targeted to begin to ramp in the early months of 2020. 

On this news, Peabody shares fell by $3.80 per share, or 10.6%. 

Second, on May 1, 2019, Peabody reported that it had received a directive from Queensland Mines Inspectorate (“QMI”) which could lead to further delays and necessitate a re-evaluation of the Company’s reentry plan. 

On this news, Peabody shares fell $1.61 per share, or 5.6%. 

Third, on July 31, 2019, Peabody reported additional delays to the reentry of North Goonyella, explaining that QMI’s requirements had resulted in a slower rate of progress than Peabody’s initial plan had contemplated. As a result, Peabody suspended its 2020 production guidance at the mine and informed investors that it was reevaluating its entire reentry plan. 

On this news, Peabody shares fell by $1.06 per share, or 4.8%. 

Fourth, on August 9, 2019, QMI released a one-page document with its preliminary investigative findings indicating that Peabody had deficient safety systems at North Goonyella and that the Company was not cooperating fully with its investigation. 

On this news, Peabody’s stock fell $0.37 per share, or 2 percent.

Finally, on October 29, 2019, Peabody disclosed that QMI was placing strict restrictions on restarting operations at the North Goonyella mine and that as a result Peabody was forced to drastically adjust the reentry plan, ultimately announcing a three year or more delay before any meaningful coal could be produced. 

On this news, Peabody shares declined $3.56 per share, or 22 percent.
 

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Peabody Energy Corporation (BTU)

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Details

Filed on 09/28/2020

Ticker NYSE:BTU

Lead Plaintiff Deadline 11/27/2020

28 days remaining

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

Our Offices


Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania